‘Good sense has prevailed’: McCormack

THE Nationals’ Member for Riverina, Michael McCormack, has said that good sense has prevailed in Treasurer Joe Hockey’s decision to block the proposed takeover of GrainCorp by American multi-national Archer Daniels Midland (ADM).

“The Treasurer’s task was to apply the national interest test to this proposal and I am very pleased to see that having weighed the evidence, the Treasurer has quite rightly rejected this takeover,” Mr McCormack said.

Federal Treasurer, Joe Hockey, has announced he will block a 100 per cent takeover of GrainCorp, saying that to do so would “not be in our national interest.”

Mr McCormack praised the decision, highlighting the benefits for Riverina and eastern state growers.

“For Riverina growers, this decision will provide certainty coming in to the end of harvest,” Mr McCormack said.

“Our $9 billion a year grain harvest, along with up-country silos and storage sites, rail, ports and other critical infrastructure remains in Australian hands.

“Our farmers feed the nation and the world, and this decision will give growers the certainty to continue doing what they do best and protect Australia’s food security,” Mr McCormack said.

The Nationals have consistently opposed the takeover since the proposal was announced in October 2012.

“As the Treasurer made clear this morning the Coalition government welcomes foreign investment but it has to always be in the national interest,” Mr McCormack said.

“I spoke to Mr Hockey this morning and congratulated him for taking a balanced approach and making the right decision,” Mr McCormack said.